Thomas Potter, III

Thomas Potter, III

Burr & Forman

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SEC’s Recent Admissions Case Muddies Standard

The SEC famously announced last year that it would insist upon admissions in settled cases involving egregious conduct – instead of its long-standing “neither admit nor deny” rubric. But its recent Scottrade action has the...more

4/17/2014 - Electronic Blue Sheets Scottrade SEC Section 17(a)

What You Don't Say Can Be Used Against You: Assessing The Fifth Amendment's Role In Qui Tam Litigation

In 1987, current Florida governor Rick Scott used his life savings to start Columbia Hospital with the idealistic goal of cutting healthcare costs and improving patient care. A few years later, Columbia merged with the...more

4/3/2014 - False Claims Act Fifth Amendment Healthcare Hospitals Qui Tam

Emphasis On Enforcement

In back-to-back keynote addresses Monday to the Securities & Financial Markets Association’s annual Compliance & Legal meeting, SEC-Chair Mary Jo White and Southern District of New York US Attorney Preet Bharara renewed the...more

4/1/2014 - Compliance Enforcement SEC

MSRB Reworks Fair-Dealing Rules For Municipal Securities Dealers

Effective July 5, 2014, the Municipal Securities Rulemaking Board (“MSRB”) implements a consolidation and re-write of its prior fail-dealing Rules and Guidance for municipal securities dealers. On March 7, the SEC...more

4/1/2014 - Compliance MSRB Municipal Bonds SEC

Corporate & Tax E-Note - March 27, 2014

In This Issue: - High Court Considers Whether Corporations Can Lie to Investors - Nasdaq Enters Pre-IPO Market with Private Exchange - Many Early-Stage Start-Ups Still Struggle to Get Funding - Venture...more

3/28/2014 - Fiduciary Duty IPO Lying Nasdaq Small Business Startups Tax Deductions

FINRA Sanctions Firm And Compliance Officer For AML Violations

This past February, FINRA issued an acceptance, waiver and consent (“AWC”) against a firm and its global anti-money laundering (“AML”) Compliance Officer (“CO”) for failures in AML compliance regarding brokerage and custodial...more

3/26/2014 - Anti-Money Laundering Chief Compliance Officers Compliance Enforcement Actions FINRA

Lawson v. FMR: Are SarbOx Whistleblower Provisions A Horse Designed By Committee?

A camel (so the saying goes) is a horse designed by committee. It seems the Supreme Court may think the same of the whistleblower provisions in § 806 of the Sarbanes-Oxley Act of 2002. Section 806 prohibits retaliatory...more

3/21/2014 - Contractors FMR LLC Lawson v FMR Retaliation Sarbanes-Oxley Subcontractors Whistleblower Protection Policies Whistleblowers

Texas Two Step: “In Connection With” At The End Of Its Tether?

The familiar “in connection with the purchase or sale” securities-litigation requirement may not be unlimited in its breadth, after all. On February 26, the US Supreme Court pulled up short defendants in litigation by...more

3/19/2014 - Chadbourne & Parke LLP v Troice Misrepresentation Pleading Standards Ponzi Scheme SCOTUS Securities Litigation SLUSA State Securities Claims

MSRB Consolidates Registration Forms

The Securities and Exchange Commission last Thursday, February 27, approved a new consolidated set of registration forms and requirements for municipal market participants, MSRB Rule A-12. SEC Rel. 34-71616; MSRB Reg. Notice...more

3/13/2014 - Forms MSRB

MSRB Proposes Municipal Advisor Supervisory Rule

On February 25, the Municipal Securities Rulemaking Board (“MSRB”) proposed new Rule G-44 imposing a supervision and compliance requirements for Municipal Advisors (“MA’s”). The Dodd-Frank Act imposed a new regulatory regime...more

3/11/2014 - Compliance Dodd-Frank MSRB Municipal Advisers

The Municipal Securities Rulemaking Board And Rule G-42

The Municipal Securities Rulemaking Board (“MSRB”) held a webinar Feb. 6, 2014 discussing its proposed Rule G-42 to impose a broad range of duties, proscriptions and documentation requirements upon non-solicitor Municipal...more

2/20/2014 - MSRB Municipal Advisers Rule G-42

FINRA Conducting Cyber-Security Sweep Exam

Reacting in part to recent data-breaches and cyber-attacks on larger retailers, the Financial Industry Regulatory Authority (“FINRA”) is conducting a targeted examination of some 20 broker-dealer member firms’ compliance and...more

2/14/2014 - Broker-Dealer Compliance Cyber Attacks Cybersecurity Data Protection FINRA Risk Management

Banking & Financial Services E-Note - January 31, 2014

In This Issue: - DOJ Weighs Action Against Banks Over Payday Lending Business - More Regulatory Scrutiny Causing Banks to Pass on LBOs - Officials to Issue New Rules on Banks Holding Marijuana Funds - Fed...more

2/4/2014 - ATMs Banks CFPB Commodities Compliance DOJ Financial Regulatory Reform Mortgages Payday Loans Qualified Mortgage Rule

OCIE Releases 2014 Exam Priorities

On January 9, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued its annual “hot-topics” list of examination priorities for 2014. National Exam Program Priorities across OCIE’s entire program...more

1/31/2014 - Compliance Enforcement Investigations OCIE SEC

MSRB Proposes Conduct Rules For Municipal Advisors

On Thursday, January 9, the MSRB re-proposed new Rule G-42 promulgating standards of conduct for Municipal Advisors (“MA’s”) subject to the almost-newly-effective SEC MA Rule, 17 CFR § §240.15Ba1-1 to 15Ba1-8 (now delayed...more

1/24/2014 - MSRB Municipal Advisers Municipal Bonds Municipalities Rule G-42

SEC Municipal-Advisor Rules Effective July 1

The SEC’s new Municipal-Advisor Rules, 17 CFR § § 240.15Ba1-1 to 15Ba1-8 were to become effective Monday, January 13, 2014 but that morning were delayed until July 1. SEC Rel. 34-71288. Adopted last September, SEC Rel....more

1/17/2014 - Chief Compliance Officers Dodd-Frank FINRA MSRB Municipal Advisers Municipal Bonds Municipalities SEC

Corporate & Tax E-Note - December 2013

In This Issue: - SEC Chair Says Agency Will Continue to Take Cases to Court - Report Shows 590 Tech Companies Set to Debut IPOs in 2014 - Businesses Concerned Over Senate Efforts to Lower Corporate Taxes - States...more

12/26/2013 - Corporate Taxes Proxy Advisors SEC Small Business Startups Succession Planning

Bah-Humbug: The JPMorgan Settlement & Cy Pres Remedies

Maybe I’m just getting a head start on my “bah humbug” mood for the holidays, I don’t know. Did it strike anyone else as discordant that almost a third of the record-setting JPMorgan RMBS settlement was ear-marked to fund...more

12/26/2013 - Cy Pres Funds FIRREA JPMorgan Chase RMBS Settlement

Banking & Financial Services E-Note - November 21, 2013

In This Issue: - CFPB Prepares New Rules Restricting Debt Collectors - CFPB, DOJ Team to Investigate Auto Dealers Over Financing Bias - CFPB Investigating Credit Card Rewards Programs - Consideration of...more

11/22/2013 - Automotive Loans CFPB Credit Cards Debt Collection DOJ Rewards Programs Student Loans Students

SEC Enters First Individual DPA

The SEC announced November 12 that it has entered its first DPA (deferred prosecution agreement) with an individual respondent. In a DPA, the SEC rewards substantial assistance to an important investigation by agreeing not to...more

11/15/2013 - Deferred Prosecution Agreements Enforcement SEC

Banking & Financial Services E-Note - October 30, 2013

In This Issue: - Fed Proposes Rule Requiring Banks to Stay Liquid During Crisis - Simulation Tests Banks' Survival Against Cyber Attacks - Largest Banks Close to Meeting Mortgage Settlement Obligations -...more

11/1/2013 - Banking Crisis Banks Car Dealerships CFPB Consumer Complaint System Credit Unions Cyber Attacks FCRA FDCPA Lenders Liquidity Coverage Ratio Mortgages Student Loans

FINRA Expungements: PIABA’s Press Release Recalls Mark Twain On Statistics

PIABA – the securities-investor plaintiff’s bar – issued an October 16 press release roundly criticizing industry self-regulatory rules allowing a broker to seek expungement of a customer-claim from her permanent record....more

10/25/2013 - Arbitration Arbitration Awards Expungement FINRA

Labor & Employment E-Note - May 14, 2013

In This Issue: - Court Rules NLRB's Workplace Union Notices Violated Law - NLRB Urges Regional Directors to Maintain High Settlement Rate - EEOC Seeing Rising Number of Age Discrimination Complaints - OSHA...more

5/15/2013 - Age Discrimination E-Verify EEOC Gender Equity Immigration Reform NLRB OSHA Outsourcing Settlement Temporary Employees Unions

Burr Alert: Employer-Friendly Overhaul Of Tennessee Workers’ Compensation System Passes In The Legislature

The Tennessee legislature has passed a workers’ compensation reform bill that significantly changes the way claims are handled in Tennessee after July 1, 2014. Though Governor Bill Haslam has not yet signed the bill, he is...more

4/16/2013 - Proposed Legislation Workers Compensation Reform

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